Oil prices have sunk this morning, ending a rally that pushed prices up by 20 percent this month alone.

The price movement comes after Iraq planed to increase crude exports by 5 percent this week, adding more fuel to an already oversupplied market. The figure amounts to an increase of around 150,000 barrels a day, plunging oil prices back below $50.

Brent dropped over 3 percent in early trading, currently trading at $49.32. WTI is down 2.73 percent at $47.77 (1228GMT).

Mining companies were also hit hard on Monday as a stronger dollar brings down commodity prices. Glencore (LON:GLEN) is currently down 3.01 percent at 182.85, with BHP Billiton (LON:BLT) down 2.28 percent at 1,029.00 (1237GMT).

22/08/2016